Quote from: Severos on February 07, 2018, 09:02:07 PM

Ok then, if we have 1USD = 1USD, then where does its value come from? the paper it self isn't worth it, normal people would say its because USD is universal and could be accepted anywhere by anyone at anytime, but tracing the roots (in a simple form since I don't remember details at the moment), 1USD gets its value because its a number that represents a fraction of gold the government has stored, instead of everyone carrying gold and trading it around, everyone puts the gold with a trusted 3rd party (government) that issues bank notes that are easier to use around.

USD is not backed by gold or silver since 1970s. So, it is technically backed by USA political and military power, which started to threaten by China's PetroYen project. What I am trying to say is that, techinaclly, BTC and USD not backed by anything.

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